Turkey's Erdogan pledges boycott on U.S. electronics

Erdoğan has today threatened to boycott American-made electronic goods in response to U.S. sanctions against Turkey that sent the value of its currency, the lira, into freefall.

Declaring economic war against the US, Erdogan said Turkey, a North Atlantic Treaty Organisation ally, will no longer purchase Apple products or other electronic devices made by American companies.

Not much yet. Turkey'sfinance minister said they would start implementing an action plan on Monday but gave no further details. In our country, we have Venus and Vestel. Andrew Brown of Post Office Travel Money said sales "have been rising all year as it became clear that holiday costs in resorts like Marmaris had been falling steadily as sterling surged in value".

"The unnecessary diplomatic spat between Turkey and the USA over the jailed pastor. has exacerbated" an already emerging economic crisis, Paul T. Levin, director of the Stockholm University Institute for Turkish Studies, told AFP.

TRT World'sRahul Radhakrishnan has more.

He tweeted: "I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!".

"There is the World Trade Organization but when we look at these steps taken [against Turkey] does it have anything to do with the principles of World Trade Organization?" "What do you want to do?"

The call for global investors, which will be held ahead of the publication of Turkey's Medium Term Program, will be hosted by David Lubin, Chief Emerging Markets Economist of Citi Research, the organizers said in a statement. "And we have our own telephone brands", he added.

The turmoil of Turkish financial markets has had reverberations also on Qatar. That draws capital away from Turkey, weakening the currency.

On the recent tension between Turkey and the US, Cavusoglu said, "Recently, our relations with the US have unfortunately come to a point we did not desire".

He added that Turkey would continue its "constructive engagement".

"We are open to diplomacy and consensus but it is not possible to accept any imposition", Cavusoglu said.

Investors fear the country's financial crisis could spread, with Mr Erdogan describing the crash as a "political plot" against Turkey.

The tension between the two states stemmed out of a recent skirmish over a U.S. pastor Andrew Craig Brunson who was sentenced to nearly two years in prison on terror charges.

Turkey confirmed last December that Ankara and Moscow had finalised a contract for Russia to supply a Russian S-400 long-range air and anti-missile defence system.

Turkish prosecutors are seeking 15 years in prison for Brunson for committing crimes on behalf of terrorist groups without being a member, with up to 20 years for political or military espionage. Turkey's state-run news agency and US officials say US National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday.

Brunson has been detained under house arrest pending his trial.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

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